NZD/USD Signal Update
Last Thursday’s signals were never hit.
Today’s NZD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6668.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6761.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.6500 and 0.6466.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 0.7300 and leave the remainder of the position to run.
NZD/USD Analysis
We have started to see some strength in the NZD and a bottoming out, perhaps, in the long-term bearish trend. Certainly this pair has not really been going anywhere for several consecutive weeks now. As such it is probably a good idea to go long at the bottom and short at the top of this range that is being established and waiting to see which side pays off.
The key support and resistance levels are well established and have not been touched for a while. The support beginning at 0.6500 coincides with a key psychological number and so might be especially interesting as a potential long-term bottom.
There is nothing due today concerning either the NZD or the USD.